Financial incentive policy has an important impact on the adjustment of corporate investment structure. The empirical results elucidate that the fiscal incentive policy will promote the enterprises to choose to increase the proportion of equity investment, and this promotion has a decreasing trend. Among them, tax returns and financial discount will significantly promote the proportion of equity investment, while R&D subsidies will promote the proportion of fixed assets investment. Furthermore, test, which considers enterprise financing efficiency as the intermediary variable, shows that financial incentive promotes the proportion of equity investment by improving enterprise financing efficiency. In the final analysis, when using fiscal incentive policy tools to adjust the investment structure of enterprises, it should completely consider the level of enterprise financialization in order to avoid the imbalance of enterprise investment structure.